First Analysis Corporation, a Chicago-based venture capital firm, led the investment with participation from Blue Heron Capital, UnityPoint Health Ventures, and existing backers, including Next Level Ventures, Chartline Capital Partners, Rittenhouse Ventures, Iowa First Capital Fund, Rural Vitality Fund, and The Angels’ Forum.
The global lung cancer market will reach $37 billion in 2023 from $15 million in 2016, due to the growing demand and need for lung cancer drugs, and the ever-increasing prevalence of lung cancer, according to BCC Research.
The company provides a suite of automated AI-powered inspiratory Chest CT analysis solutions. The solutions help doctors to detect lung diseases, including emphysema and airway obstructive diseases (COPD), asthma, interstitial lung disease, and lung cancer, at the early stage. Vida’s solutions are used by several healthcare organizations, including Blackford, IBM Watson Health, Nuance Healthcare, and TeraRecon.
VIDA Diagnostics raised a total of over $20 million to date, including a strategic investment from UnityPoint Health Ventures. The company raised $5.1 million in 2015, which was led by Chartline Capital Partners.
“Pulmonology and radiology are severely underserved areas of healthcare – the need is expanding, and the number of clinicians is limited. VIDA is in an optimal position to deliver innovation and increase access,” said Tracy Marshbanks, Managing Director, and General Partner at First Analysis. “This investment will enable VIDA to meet the growing call for precise AI-driven lung analysis solutions that can help improve the quality of diagnosis and life for patients impacted by lung disease.”
According to Mercom Database, medical imaging companies raised $670 since 2010. In a similar deal, recently, Riverain Technologies, a provider of AI-powered medical imaging software to detect lung disease at its earliest stages, received $15 million from Ping An Global Voyager Fund.